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The Pursuit of Fair and Efficient Pricing

Presents the 23rd Annual CDIAC Pre-Conference to
The Bond Buyer’s 34th Annual California Public Finance Conference


Marriott Marquis 780 Mission Street San Francisco, CA 94103

Wednesday, October 23, 2024

Marriott Marquis
780 Mission Street
San Francisco, CA 94103

Agenda | Slides

 

Municipal issuers are called to achieve the objectives of their plan of finance at the lowest possible borrowing cost. Achieving this goal requires the pricing and sale of securities into a fair and efficient market, yet the US municipal securities market is characterized as illiquid, opaque, and asymmetric. This program will examine the empirical evidence of new issuance pricing inequities and explore new opportunities for overcoming the market inefficiencies. It will also present the legal and regulatory guardrails that were designed to establish expectations within the financing team for how a fair, transparent, and suitable process ought to unfold. Lastly, experienced issuers, municipal advisors, and underwriters will provide insight from their respective sides of the table on the practices they have employed to achieve fair and equitable pricing outcomes.


 

Speakers

  • David Andersen, Managing Director, Municipal Negotiated and Competitive Underwriting, BofA Securities
  • Darren Hodge, Managing Director, PFM Financial Advisors LLC
  • David Leifer, Senior Managing Director, KNN Public Finance, LLC
  • Fernando Lopez, Managing Director, Fixed Income Division and Head of Municipal Underwriting, Loop Capital Markets
  • Dr. Justin Marlowe, Research Professor and Director of the Center for Municipal Finance, University of Chicago, Harris School of Public Policy
  • Dave Sanchez, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission
  • Nikolai Sklaroff, Capital Finance Director, San Francisco Public Utilities Commission

Additional Resources

Primary vs Recently Issued and Competitive vs Negotiated Markets for Municipal Securities.

 

Speakers